Latest Stories

FinCEN Creates FBAR E-Filing System

The
Treasury Department’s Financial Crimes Enforcement Network
(FinCEN) on July 18 said it has developed an electronic filing
system for Form TD F 90-22.1, Report of Foreign Bank and
Financial Accounts (FBAR). The reports can now be filed via
FinCEN’s BSA E-Filing System.

A United
States person who has a financial interest in or signature
authority over foreign financial accounts must file an FBAR if
the aggregate value of the foreign financial accounts exceeds
$10,000 at any time during the calendar year.

FinCEN
said it can only accept FBAR e-filings when one signature is
required because the system’s current capability allows for
only one digital signature. Although the FBAR instructions
state that a spouse included as a joint owner, who does not
file a separate FBAR, must also sign the FBAR, the e-filing
process does not yet allow for both signatures on the same
electronic form. So, to take advantage of e-filing, each
spouse must file separately.

FinCEN said paper forms
will still be accepted. The agency also said it is working on
developing software for preparing and filing FBARs.

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”

Don’t get lost in the fog of legislative changes, developing tax issues, and newly evolving tax planning strategies. Tax Section membership will help you stay up to date and make your practice more efficient.